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Over-priced property puts 6 in 10 off viewing

Posted: 08/10/2012

Sellers are being warned not to risk over-pricing during the autumn market, following stark new research from Rightmove. The research finds that 62% of home-hunters state they will not carry out a viewing on a property they consider to be over-priced, even if the property ticks all the boxes on their wish-list.

Rightmove's research, carried out as part of its Market Intelligence campaign, finds that only 38% of home-movers would actually go and view a property they consider to be over-priced before deciding whether to put in a lower offer, even though sellers often price with a view to negotiating downwards.

Rightmove director Miles Shipside advises:

"It can be tempting for sellers to price high on the assumption that they are giving themselves room for negotiation. However, our findings indicate that this can be a risky business and is likely to deter some six in ten potential buyers who might otherwise have visited the property without hesitation. Price is obviously a critical issue for both buyers and sellers in the current market, but it's much harder for a potential buyer to fall in love with a property if the asking price deters them from even setting foot through the front door.

"After a lull in activity over the summer, and with less than 100 days until Christmas, sellers will need to gather the right market intelligence and think carefully about their pricing tactics if they are to stand the best chance of moving during this autumn season."

Among the 62% of respondents who would not go and view a property they felt was over-priced, 20% stated they would make an enquiry to the estate agent to find out if the vendor would accept offers under. This would indicate that, for sellers, prior discussion with your agent about how much you are prepared to negotiate is important.